10 reasons why PAN Card is important for an individual

PAN card is a very important document which is designed by the Income Tax Department of India. It is a 10 digit alphanumeric unique number worked as a unique identification of an Individual. PAN card becomes mandatory for all the financial transactions such as buying or selling of goods. It is also very helpful in tracking the financial record of each and every Indian, especially when a transaction is higher than Rs.50000. Here, we are mentioning some places where PAN card is necessary

Selling and Purchasing Property: PAN card is necessary when an individual wants to buy or sell his property. When an individual is going to sell or buy a property more than Rs.5 lakh then he has to submit a copy of the PAN card.

For a new telephone connection: If a person wishes to get a new telephone connection, then he has to submit a copy of PAN card in telephone exchange department for the identification.

Buying and selling vehicle: If a person wants to purchase or sell a four wheeler vehicle, then he has to submit some mandatory documents along with PAN card. Mostly, when an individual is buying four wheeler more than Rs 5 lakh then it becomes necessary to submit your PAN card details.

Opening a bank account: While opening a bank account in private, public or in other banks, a person needs to mention his PAN card details in KYC form. Not only this, if you wish to deposit Rs.50000 or more in your bank account, then you have to submit a photocopy of your PAN card.

Investment in securities: If an individual does an investment in mutual funds, equities or in debentures, then he has shown his PAN card.

Jewellery purchase: If a person purchases a jewelry of amount more than Rs.5, 00,000, then he requires PAN card number.

Insurance Amount: The Central Board of Direct Taxes announced that holder of insurance policy has to furnish their PAN card details while making any payment of more than Rs. 50,000 in a year to the insurance company.